You are serving as a liaison between accounting and IT. Your company is required to use XBRL for external and external financial reporting. IT would like to use integrated tagging and has asked for funding for an XBRL database. The accounting department doesn't see why IT needs funding for another new database.

Required: (20%)

1. Why is XBRL needed in the financial community and corporations?
2. What does it provide that was not available before XBRL?
3. In your opinion, why did the Securities and Exchange Commission mandate its usage?